Daily Equity Report By Money CapitalHeight 09-10-2012

Indian indices ended lower for the second straight session on weakness in global market hurt investor sentiment adversely.

Indore, India (prHWY.com) October 11, 2012 - MARKET WRAP FOR EQUITY

* India market extended losses, Nifty down by 1.23% & Sensex by 1.21%.
* Asian pacific ended lower ahead of European Finance Minister Meet.
* EUR sentix investor confidence -22.2, German industrial production -0.5%.
Indian indices ended lower for the second straight session on weakness in global market hurt investor sentiment adversely. Nifty down by 76pts settles at 5676 and Sensex by 229pts settles at 18708. Euro red with DAX down by 90pts at 7307, FTSE by 40pts at 5830 and CAC by 38pts at 3418, Dow Future down by 45pts.
CH NIFTY OUTLOOK
NIFTY TREND: BULLISH
NIFTY SPOT LEVELS:
SUPP 1: 5690
SUPP 2: 5615
RES 1: 5765
RES 2: 5840
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 11350
SUPP 2: 11080
RES 1: 11750
RES 2: 11970
Stock Recommendation
stock recommendation for 09/10/12 is Karnataka Bank. The major trend in the stock is consolidation. Karnataka Bank is moving sideways from nine month and tries to move above its 200 moving average many times as shown below in its weekly chart. In todays trade stock cross its 200DMA and close above it. The stock was up by 3.25%. We expect stock will see more upside in coming days; one can go for the long position in Karnataka Bank above 116. Karnataka Bank can move up to level of 125 in short terms.
Our recommendation on Karnataka Bank is BUY above 116 for the Tgt of 120 & 125.
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